Australia's Havilah Resources gains most in three months on Hillgrove partnership

Hillgrove Resources

21/05/2026 04:41

** Shares of Havilah Resources HAV.AX jump as much as 10.7% to A$0.67, their biggest intraday pct jump since February 9

** Diversified miner said it has entered a partnership agreement with Hillgrove Resources HGO.AX under which the parties are contemplating the formation of an unincorporated joint venture

** Under the partnership, in exchange for a right to earn an 80% interest in the Mutooroo copper project in South Australia, Hillgrove will pay A$35 million in cash and shares over multiple stages once the final investment decision is made

** Hillgrove’s Kanmantoo processing facility will allow a lower capital intensity development of copper from the site, the joint statement said

** Hillgrove will also invest up to $10 million, including a commitment to 5,000 meters of drilling over 24 months

** Shares up 12.2% YTD

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))